Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes financial instruments measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:



	March 31, 2020
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises	$	—	$	10,230	$	—	$	10,230
Obligations of states and political subdivisions	—		254,031		—		254,031
Agency mortgage-backed securities	—		886,667		—		886,667
U.S. Treasury bills	—		10,586		—		10,586
Total securities available for sale	—		1,161,514		—		1,161,514
Derivatives	—		33,697		—		33,697
Total assets	$	—	$	1,195,211	$	—	$	1,195,211

Liabilities
Derivatives	$	—	$	43,319	$	—	$	43,319
Total liabilities	$	—	$	43,319	$	—	$	43,319



	December 31, 2019
(in thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value
Assets
Securities available for sale
Obligations of U.S. Government-sponsored enterprises	$	—	$	10,046	$	—	$	10,046
Obligations of states and political subdivisions	—		213,024		—		213,024
Residential mortgage-backed securities	—		902,021		—		902,021
U.S. Treasury bills	—		10,226		—		10,226
Total securities available-for-sale	—		1,135,317		—		1,135,317
Derivative financial instruments	—		11,055		—		11,055
Total assets	$	—	$	1,146,372	$	—	$	1,146,372

Liabilities
Derivatives	$	—	$	14,747	$	—	$	14,747
Total liabilities	$	—	$	14,747	$	—	$	14,747

Summary of Financial Instruments and Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis




	(1)		(1)		(1)		(1)
(in thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Impaired loans	$	288	$	—	$	—	$	288
Other real estate	3,902		—		—		3,902
Total	$	4,190	$	—	$	—	$	4,190

(1) The amounts represent only balances measured at fair value during the period and still held as of the reporting date.

Summary of Carrying Amount and Fair Values of Financial Instruments Reported on the Balance Sheets

Following is a summary of the carrying amounts and fair values of the Company’s financial instruments on the consolidated balance sheets at March 31, 2020 and December 31, 2019.



	March 31, 2020			December 31, 2019
(in thousands)	Carrying Amount	Estimated fair value	Level	Carrying Amount	Estimated fair value	Level
Balance sheet assets
Securities held-to-maturity	178,932	178,081	Level 2	181,166	181,939	Level 2
Other investments	41,703	41,703	Level 2	38,044	38,044	Level 2
Loans held for sale	8,430	8,430	Level 2	5,570	5,570	Level 2
Loans, net	5,365,330	5,255,133	Level 3	5,271,049	5,205,651	Level 3
State tax credits, held for sale	39,521	44,539	Level 3	36,802	39,046	Level 3

Balance sheet liabilities
Certificates of deposit	765,904	772,208	Level 3	826,447	825,203	Level 3
Subordinated debentures and notes	141,336	127,064	Level 2	141,258	130,985	Level 2
FHLB advances	222,000	223,074	Level 2	222,406	221,402	Level 2
Other borrowings	205,918	205,894	Level 2	265,172	265,172	Level 2